Achieving Bitcoin Anonymity Through Mixers – Bitcoin Magazine

This is a promoted article provided by BitMix.Biz

A bitcoin mixer, also known as a bitcoin blender or tumbler, is a service designed to ensure the anonymity of Bitcoin transactions using a special mixing algorithm where bitcoin from several sources are combined and mixed to rid coins of compromising traces of past transactions to hide their origin and protect the privacy and anonymity of users.

The architecture of the cryptocurrency is designed in such a way that each of the Bitcoin transactions is recorded in the public, unaltered registry on the blockchain, so that any member of the community can verify the validity of any coins transfer.

The trust in Bitcoin and, accordingly, its value in the users’ eyes is based on this. However, the use of Bitcoin itself is pseudonymous, not anonymous. This opens up opportunities for various intruders who want to find out who owns digital funds in specific wallets, usually containing large amounts of crypto, or who want to track the finances of a specific person and their origins.

“Various criminal gangs hack crypto exchanges and extract data about you and your Bitcoin address, thanks to the mandatory KYC/AML verification requirements, when you are forced to confirm your personal data, and then, using analyzers, they can find your main BTC wallet,� explained a representative of bitcoin mixer service BitMix.Biz.

Dangers Of Deanonymization

In June 2020, the marketing base of the French Bitcoin hardware wallet company Ledger was hacked, exposing a vulnerability in a system that was once considered to be one of the safest ways to store cryptocurrencies. The result of this hack was the leak of personal data and contact information of about 1 million users — that is, their names, surnames, mailing addresses, email addresses and phone numbers, as well as information about customer orders.

Although company representatives said at the time that this leak of personal data had no effect on their Ledger hardware wallets and their security, as well as on the safety of the company’s customers’ cryptocurrency, the leak poses a real danger. This appeared fully six months later, just before Christmas, when the stolen data appeared in the public domain on the darknet.

Now that user data had been disclosed, it is easy to use Bitcoin analysis programs to see how much cryptocurrency each individual has from the compromised database, as well as the origin of the coins. This information can be used, for example, by the tax service or other special services, and this is far from the worst possible consequence of a leak.

People from the stolen list became targets of phishing attacks and then the victims began to receive letters containing threats of physical violence, which would be easy to implement with the obtained data of physical addresses. Attackers are extorting the equivalent of $500 in Bitcoins for abandoning their intentions, but paying the ransom does not guarantee security or that attackers will not again extort money from victims in the future.

In recent years, there have been many reports of attacks, abductions and even murders of cryptocurrency holders, whose data has been compromised in one way or another, regardless of whether the users shared it themselves on the internet (for example, on social networks) or if it was stolen as a result of some kind of leak. This is why, if you are using or just holding cryptocurrency, you need to be extra careful.

An expert from BitMix.Biz said that: “Knowing your real data and information about the current balance of your BTC wallet, attackers can trick or, even by brute force, make you give them your funds. With Bitcoin mixers, you can break this chain.�

Using a Bitcoin mixing service can provide an extra layer of privacy that can help protect your digital finances from hackers and blockchain analytics companies, thus protecting you and your family from intruders. And Bitcoin blenders are surprisingly easy to use these days.

Use Maximum Mixing Abilities

Bitcoin mixing services have come a long way since Bitcoin was first introduced. The result of years of trial and error, undertaken by various crypto enthusiasts in an attempt to achieve the maximum level of anonymity, BitMix.Biz has absorbed the best, eliminating known disadvantages.

The service offers multilingual support, altcoin integration and other internet access methods such as Tor, Clearnet and NoJS. Users can set individual mixing fees in the range of 0.4 to 4 percent, making it even more difficult for potential attackers to analyze their blockchain activity. They can also use a “randomize� option, which, after mixing, will send more than one transaction from the mixing service to your wallet, which they target for the cleared coins, making it more difficult to analyze their cryptocurrency transaction.

“We ask for the minimum information required, solely to ensure that the harddrive is encrypted and never stores any logs,� explained the BitMix.Biz team. “All records are deleted after 72 hours or immediately upon request via the order page.�

BitMix.Biz maintains the world’s largest reserve of mixed bitcoin, so there is no need to wait for consensus of multiple mixing transactions. When a user completes a transaction by sending coins to the mixer, they instantly receive pre-cleared bitcoin from this huge pool to their address. After your first exchange of your coins for cleared ones, you receive a special code that will prevent you from receiving any of the previous bitcoin that you sent in any subsequent transactions.

A minimum of 0.005 BTC is required to use the Bitcoin mixing service BitMix.Biz. You can save your settings of the website to duplicate the mix types that you would like to use again. The Bitcoin tumbler service also supports an affiliate program that provides instant payouts for every transaction made by a referred user, as well as an API key that websites can use to provide mixed bitcoin, litecoin and dash to their customers, taking care of their customers’ safety and increasing their loyalty.

Finally, the Bitcoin mixer BitMix.Biz provides a letter of guarantee as an additional promise of integrity as well as a security measure.

“When we provide you with our Bitcoin address to which your coins should be sent for mixing, we digitally sign in a letter of guarantee to confirm that this address was indeed generated by our server,� the BitMix.Biz spokesperson said.

In addition, if any failure occurs, then with the help of a letter of guarantee within 72 hours, you can prove that you sent your coins to the service in order to resolve the issue. Another reason to entrust your cryptocurrency to this particular Bitcoin blender is a unique guarantee — a deposit of $15,000 on a special service that BitMix.Biz created to compensate for the unlikely losses of users, which allows you to trust the mixer even for large amounts of cryptocurrency. 

You can learn more about BitMix.Biz on YouTube, Twitter, Bitcoin Wiki and Bitcointalk.